Can you calculate your credit score?

Question

If I have $700 dollars of debt, $59 is a old utility bill, and the rest is hospital bills in collection. And I have no open accounts. What would my credit score be like?

If I opened a revolving account and paid as agreed would it increase my credit score?

Answer 1

There are many factors that affect your credit score including outstanding debt, income, payment history, collections and many others. However, there is a free way to estimate what your FICO Score offered by an online banking website ... this calculator will also give you some practical and legal ways to increase your credit score by doing the "right" things.

Check it out:

http://www.bankrate.com/brm/fico/calc.asp

Now, having said that, I can whole-heartedly endorse Dave Ramsey like a previous writer. His teachings are far from original or new, but they are presented in a no-nonsense way that can really help you to get your financial life straightened out and achieve "Financial Peace". I don't make 100 G's a year and most likely will not be retiring at 55 .... but ... I'm well on my way to retire early and debt free ... not only due to Dave Ramsey but also due to just some smart decisions along the way.

The best thing you can do to improve your score is work your butt off to get those collections paid off as quickly as possible. They will continue to remain on your credit report for 7 years AFTER they are last reported ... so it's critical that you get those paid off quickly. I'd even recommend talking to the collection agency and working out a payment plan ... that way they know you're serious about paying off the debt and they will not continue to report negative information against your credit report.

Opening a revolving account and paying it as agreed consistently and on time will help your score ... but not enough to offset the collections. I wouldn't waste my time with that right now ... especially since the temptation to use the credit might be too great at a time when you shouldn't be acquiring new debt.

Good Luck to you ... just remember ... don't give up ... it's possible to overcome almost anything with a positive attitude, a lot of hard work, and a modicum of education.

Answer 2

That is not alot of debt. You could pay it off in no time. As for your score, it depends on more than just that. Credit is not the main thing in life. Dave Ramsey, the guy that is now the number one talk show host, does not even have a Falco score due to the fact of doing away with credit and paying cash. If you do not owe much, stay that way, it is a nice feeling.

One thing to think about too, If you do not owe on a car, and the average payment now is around 400 a month, and take that and put it in mutual funds, did you know that in about 20 years of it, you will almost be a millonaire? I make 100,000+ a year and drive a used care paid for. And will retire at 55 with about 85,000 a year from doing that. Go to his web site and check him out.

Answer 3

once you flow to make a substantial purchase like a house... that's what the banks seek for. a million. no better than 5 "commerce lines" consistent with guy or woman/couple. (this suggests, abode, vehicle, credit money or student loans) 2. Your credit could be under 2/3 of what your decrease is. 3. No late money EVER. 4. applying your credit properly... pay off your credit card each and every few months, yet additionally enable it holiday each and every so oftentimes and continuously pay better than the min. quantity due! as quickly as your credit status is over 775, all your suggestions grow to be open. remember... no credit is as undesirable as poor credit. Paying off each and every thing, as backwards because it form of feels, will harm your credit, not help. yet another factor working against you is going to CCC. which will take place as a negitive on your checklist for some time... this is regarded upon worse than Bankruptsy.

Answer 4

no way to calculate your score own your own. if all you have is collections you probably do not have a score